Stockholm Exergi

Stockholm Exergi (SE) is the owner and operator of one of the largest and most versatile district heating and district cooling network in Sweden. It produces and distributes sustainable and resource-efficient solutions to ensure that more than 800,000 Stockholmers have access to heating, electricity, cooling and waste services via 3,000km district heating network. SE is building one of the first large-scale BECCS facilities in Europe (COD in 2028), capable of removing c. 800kt of CO2 p.a. through permanent storage, equivalent to c. 1.6% of the entire Swedish economy’s annual CO2 emissions.

Why did we invest?

Our investment in Stockholm Exergi was made to gain exposure to:

• Essential heating and cooling infrastructure in the Stockholm region, supporting a basic need for households, businesses and public services
• A district-heating system well suited to a dense urban area with substantial heat demand and electricity-grid constraints
• Stockholm’s energy transition through more circular and resource-efficient energy solutions

How does it fit the 3D Framework?

The investment supports PGGM’s 3D objectives through the following characteristics:

• Stable demand for essential heating and cooling services, together with inflation-linked revenues, supports long-term financial outcomes
• A diversified production fleet and a flexible energy system help manage exposure to fuel availability, electricity prices and weather-related demand
• Lower-carbon district heating, circular use of biomass and waste streams, and the development of large-scale BECCS support Stockholm’s energy transition and the permanent removal of CO₂